Opec

summary of opec

An Organization of petroleum exporting countries was an organization that provided an economic association of oil producing nations that are able to set oil prices. It was also created at the Baghdad Conference on September 10–14, 1960, by Iran, Iraq, Kuwait, Saudi Arabia and Venezuela.The history of OPEC was providing oil and over other different natural resources.Through the collaboration of its Member Countries, and through cooperative with other organizations, OPEC has found ways into fulfill its mission of coordinating and unifying the petroleum policies of its Member Countries, and to ensure the stabilization of oil markets. OPEC has now twelve members of countries six in the middle east, four in Africa, and two in south america.

summary about opec

More interesting facts about OPEC is that on October,17,1973 had declared an embargo on the shipment of oil for the countries that supported Israel and its conflict with Egypt.

The effects of the embargo were immediate. The price of gasoline of a gallon rose from a national average of 38.5 cents in May 1973 to 55.1 cents in June 1974.Which began a huge riot during the 70s because when oil wasn't cheap as it was back then and oil wasn't being shipped anymore. More and more people would wait in a huge line of cars,and trucks for many hours to get a tank of gasoline, and or oil.Americans continue to use energy in amounts far out of proportion to their numbers, automakers continue to oppose legislation that would force them to increase the efficiency of cars, and the United States continues to respond to any threat to the supply of oil as a threat to national .